JBS SA Delays New York Stock Exchange Listing to Second Half of 2024

Feb. 23, 2024
Brazilian processor remains confident proposal will be approved but wants to give investors more time to vote on it.

According to a report in Bloomberg, the planned listing of the Brazilian meat processor JBS S.A. on the New York Stock Exchange will be delayed to the second half of 2024, in order to allow more investors the time to vote.

Ghuilherme Cavalcanti, CFO of the Sao Paulo-traded company, told the news outlet that the company plans to file with the U.S. Securities and Exchange Commission (SEC) after its earnings release on March 26, the report said. That means it would be “unlikely” for the processor to receive approval for the proposal by shareholders before the end of June. Cavalcanti spoke with the Bloomberg reporter separately while attending the CAGNY conference, where JBS presented to financial analysts in a closed session Thursday (other companies live-streamed their sessions for registered attendees and media).

According to the report, JBS views the dual listing as an opportunity to fund expansion into branded and processed foods categories, which typically commands higher profit margins than commodity beef, pork and chicken processing.

JBS USA has already found success in the branded and prepared segments with its La Herencia and Adaptable Meals lines in the U.S., and sees significant growth opportunities in and around that business — as noted in our story featuring JBS USA’s Processor of the Year win late last year for our publication.

JBS SA had announced its dual-listing plan in July 2023 with support from investors but strong pushback from activists and some politicians over the company’s global environmental impact. The proposal had already been pushed back in November 2023, prior to this week’s additional delay.

About the Author

Andy Hanacek | Senior Editor

Andy Hanacek has covered meat, poultry, bakery and snack foods as a B2B editor for nearly 20 years, and has toured hundreds of processing plants and food companies, sharing stories of innovation and technological advancement throughout the food supply chain. In 2018, he won a Folio:Eddie Award for his unique "From the Editor's Desk" video blogs, and he has brought home additional awards from Folio and ASBPE over the years. In addition, Hanacek led the Meat Industry Hall of Fame for several years and was vice president of communications for We R Food Safety, a food safety software and consulting company.

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